The global Lithium Iodide market is expected to witness a market value of US$ 97.6 Million in 2023 and is expected to accumulate a market value of US$ 151.5 Million by registering a CAGR of 4.5% in the forecast period 2023 to 2033. The Lithium Iodide market registered a CAGR of 2.4% in the historical period 2018 to 2022. Factors such as high demand for lithium iodide in the chemical industry are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Lithium Iodide has been flourished. Lithium Iodide has several applications in the pharmaceutical industry, primarily as an iodine source in the production of various drugs. It is widely used in the synthesis of iodinated contrast media, which is used in radiographic imaging procedures such as CT scans and MRI scans. Thus, the growing demand for these imaging techniques is one of the major factors that is expected to boost the growth of the Lithium Iodide market in the near future.
Additionally, the growth of the global agrochemical industry is anticipated to accelerate the demand for Lithium Iodide as an iodine source, as the Lithium Iodide is widely used in the production of agrochemicals, such as herbicides, fungicides, and insecticides. Also, Lithium Iodide is used as a solid-state electrolyte in the production of solid-state batteries. These batteries are used in various electronic devices, such as smartphones, laptops, and electric vehicles. Hence, the increasing demand for these devices is another factor that is expected to boost the market growth in the forthcoming years.
Furthermore, the market is also driven by the increasing demand for nuclear energy as a source of clean energy, as Lithium Iodide is also used as a coolant in nuclear reactors. In addition, Lithium Iodide is also used as an electrolyte in Lithium-Ion batteries. Thus, the growth of the Lithium-Ion battery market is expected to drive the demand for Lithium Iodide as an electrolyte.
Besides, Lithium Iodide is also used in the production of solar cells, which are used in the production of renewable energy. The increasing demand for renewable energy sources is one of the major factors that is projected to augment the market growth in the coming time.
On the regional end, the Lithium Iodide market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing demand from the region's key end-use industries, including pharmaceuticals, electronics, and renewable energy. The United States and Canada are the key markets in the region and are expected to witness significant growth in the coming years.
On the other hand, the Lithium Iodide market in Europe is expected to account for a significant share over the forecast period, attributed to the factors such as the increasing focus on renewable energy and the growing demand for electronic devices.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Lithium Iodide are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Luminous Power Technologies, in February 2022, announced the launch of the new age Li-ON Series integrated inverter with a lithium-ion battery. The new series built on Li-ion batteries, touted as the future of the power storage business, aligns with the idea of an 'integrated approach to science and technology, for a sustainable future'.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 97.6 Million |
| Projected Market Value in 2033 | US$ 151.5 Million |
| Growth Rate (2023 to 2033) | 5.0% CAGR |
High-purity, Nanopowder, and submicron versions of lithium iodide are all readily available. Lithium iodide comes in two main forms: trihydrate and anhydrous. These help iodine solutions dissolve since they are water-soluble. Lithium iodide is utilized in photography, as a catalyst, and as an absorbent in the refrigeration process. Along with organic synthesis, pessat iodination, ester, ether, epoxide cleavage, decarboethoxylation, carbonylation, and aldol condensation, it is also helpful in these processes. It is employed in the production of mineral water. It is utilized in redox and electrochemical processes. in internal medicine and in treatments with sulfuric acid and manganese dioxide.
The electrolyte for long-lasting, high-temperature batteries is lithium iodide. Cleaving carbon-oxygen bonds is another function for it in organic synthesis. Lithium iodide is used as phosphorous in its solid form to detect neutrons. As a result, lithium iodide is widely used as an electrolyte in batteries and as a solvent in the chemical industry. It is also readily available in large quantities. The major producer of lithium compounds and iodide is Chile.
Lithium Iodide sales increased at CAGR of 4.5% between 2018 and 2023. In 2019, the worldwide pandemic impacted every industry. The lithium iodide market has also been significantly impacted by the shutdown of the electronics and automotive sectors. Due to decreased demand, constrained supply chains, logistical challenges, and reduced production during the COVID-19 outbreak, the pandemic had a negative influence on the Lithium Iodide market.
Lithium Iodide is expected to represent a faster growth rate throughout the forecast period as compared to historical period. The market is forecasted to expand at a CAGR of 4.5% over the anticipated period owing to the growing use of high-temperature batteries and pacemakers along with numerous applications in the electronics, automotive, and chemical industries.
How has the high cost of lithium iodide impacted the market?
Lithium is used in a wide range of sectors for a variety of purposes, but despite its numerous advantages, it also has few disadvantages. The high price of iodide is one prominent disadvantage.
Since these iodides are expensive, many consumers could be hesitant to use them unless absolutely necessary, which could lower demand for this product. Hence, restricting the growth of the lithium iodide market throughout the forecasted period.
Lithium Batteries to Present Robust Growth Opportunities for Lithium Iodide Manufacturers
Due to their extremely high energy density, lithium-ion batteries are used to power electronic devices for extended periods of time. This is one of the key benefits driving the market for lithium-ion battery packs forward. Lithium-ion batteries have a competitive advantage over other types of batteries due to their reduced maintenance requirements and lower rate of self-discharge.
Additionally, the technology of lithium-ion batteries may be enhanced through the design of new types to satisfy various market demands, from supplying power to smartphones to plug-in hybrid cars. Lithium-ion batteries' low cost, high energy efficiency, and environmental friendliness are boosting market demand.
According to the World Health Organization, heart attacks are the leading cause of death globally, taking around 18 million lives each year. The need for lithium-ion batteries is anticipated to rise as the number of heart patients tends to rise in the future owing to an unhealthy lifestyle, which may raise the demand for cardiac pacemakers and batteries.
The usage of lithium iodide batteries is widespread in electronic goods such as toys, TV remote controls, clocks, and cameras. The market for lithium iodide batteries will be driven by the high demand for consumer electronics throughout the anticipated time period. Cost differences between lithium iodide and nickel-cadmium batteries, however, might limit industry expansion.
What are the trends in the global Lithium Iodide market?
High investment in lithium-ion battery research and development from the public and commercial sectors is anticipated to support market expansion over the assessment period. The development of a fully self-forming battery minimized the possibility of self-discharge and allowed the inactive battery to be kept for longer. A secondary (rechargeable) battery has been developed by adding lithium iodide (3-hydroxypropionitrile)2 to the lithium layer in a recent study. Based on this concept, the researchers created a totally self-forming battery in which the lithium anode and iodine cathode are generated during the first charging process. As a result, the danger of self-discharge is diminished, allowing the inactive battery to be stored for longer.
Work on reducing the total impedance has also been motivated by the emergence of a liquid electrolyte phase that comes from the interaction of PVP with lithium and iodine, particularly due to interfacial effects. Studying this battery pack under the rigorous circumstances demanded by implanted medical devices addresses a number of issues critical for many applications.
On the basis of end-use the global lithium iodide market is segmented as electronic, automotive, pharmaceutical, chemical, and others. The electronics segment accounts for the highest value shares in the lithium iodide market. In high-temperature batteries, lithium iodide is employed as a solid-state electrolyte.
The global demand for consumer electronics is increasing day by day, which increases the demand for lithium iodide globally. Due to the high demand from the electronics industry, the electronics segment is going to be dominant in the overall market.
On the basis of application in the global lithium iodide market, the electrolyte segment is expected to dominate the overall market. The electrolyte segment accounts for more than 45% of the global market's value share. For lithium-sulfur batteries, lithium iodide (LiI) is said to be a viable electrolyte addition.
On both positive and negative electrodes, it causes the development of protective Li-ion-permeable coatings that stop polysulfide dissolution on the cathode and reduction on the anode. The high utilization of lithium iodide in electrolytes results in the dominance of electrolytes in the global lithium iodide market.
The North America will dominate the market as a result of the region's demand for consumer electronics and the development of cutting-edge technology. Chile is one of the largest producers of lithium iodide worldwide. Chile exports lithium iodide to developing countries to fulfil the demand. The USA dominates North America's demand for lithium-ion batteries in consumer electronics because of their long lifespans.
The demand for consumer electronics has skyrocketed in recent years as a result of the development of cutting-edge technology used to build smart homes and offices. Such trends indicate that in the years ahead, demand for electronic items will increase, which will boost supplies for lithium batteries in the area and develop the lithium iodide market.
The demand for lithium iodide is high in the Asia Pacific region. China is the predominant consumer of lithium iodide across numerous Asia Pacific countries, holding leading market value share. China is expected to keep its dominance in terms of market share over the upcoming assessment period. China is a global hub for electrics and electronics.
One of the key drivers of market growth is the chemical industry's high demand for lithium iodide. The market is extremely competitive, with China being the top chemical supplier. The high consumption of lithium iodide from the consumer electronics and chemical industry in China results in high-value shares to China in the global market.
Key manufacturers are concentrating their efforts on enhancing their production capabilities to increase their market share and better meet the rising demand for Lithium Iodide. To satisfy the expanding demands of end consumers, market participants are investing capital to increase their Lithium Iodide production capacity. A wide range of market opportunities has been created by the numerous technological advancements and the main competitors' increasing attempts at development through acquisitions, joint ventures, and partnerships.
For Instance,
On 10 January 2022, HELM AG and Leverton Lithium merge together to boost European lithium production. A reputable manufacturer of high-quality lithium compounds with a global clientele for demanding industrial applications is the United kingdom based Company, Leverton.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Million for Value, Volume in Tons, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, End-user, Product Type, Region |
| Regions Covered | North America(USA, Canada); Latin America(Brazil, Mexico, Argentina, Rest of Latin America); East Asia(South Korea, China, Japan); South Asia and Pacific(India, ASEAN, Australia and New Zealand, Rest of SAP); Western Europe(Germany, France, Spain, Italy, BENELUX, Nordics, United Kingdom, Rest of Western Europe); Eastern Europe(Poland, Hungary, Romania, Czech Republic, Rest of Eastern Europe); Central Asia; Russia and Belarus; Balkan and Baltic Countries; Middle East and Africa(King of Saudi Arabia, Türkiye, Northern Africa, South Africa, Israel) |
| Key Companies Profiled | Albemarle Corporation; Iofina; Leverton-Clarke Speciality Chemicals.; Shanghai China Lithium; Triveni Chemicals; Suzhou Huizhi Lithium Energy Material Co., Ltd; Samrat pharmachem ltd; Nanjing Taiye Chemical Industry Co., Ltd.; GODO SHIGEN Co., Ltd.; American Elements; Nanjing Taiye |
| Customization and Pricing | Available upon Request |
In 2022, the value of the global Lithium Iodide market reached US$ 93.3 Million.
In 2023, the value of the global Lithium Iodide market reached over US$ 97.6 Million.
The global Lithium Iodide market is projected to reach US$ 151.5 Million by the end of 2033.
4.3% value CAGR lithium iodine market is exhibit over the last 4 Years
During the forecast period, the global Lithium Iodide market is estimated to expand at a CAGR of 4.5% from 2023 to 2033.
Electronics from the end-use segment will get significant value shares by 2023.
The pharmaceutical segment from end-use is predicted to expand rapidly between 2023 and 2033.
The key players operating in the Lithium Iodide market are Albemarle Corporation, Iofina, Leverton-Clarke Speciality Chemicals., Shanghai China Lithium, Triveni Chemicals, Suzhou, Huizhi Lithium Energy Material Co., Ltd , Nanjing Taiye Chemical Industry Co., Ltd., American Elements, Nanjing Taiye and various others.
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Lithium Iodide Market
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